The agreed sanctions package includes a price cap on maritime transport to third countries of Russian crude oil.
«Today’s package marks the beginning of the implementation within the EU of the G7 agreement on Russian oil exports. While the EU’s ban on importing Russian seaborne crude oil fully remains, the price cap, once implemented, would allow European operators to undertake and support the transport of Russian oil to third countries, provided its price remains under a pre-set “cap”. This will help to further reduce Russia’s revenues,» said the EU.
Also in the package:
- Extension of a ban on imports from Russia of steel and steel products;
- Additional import restrictions on wood and paper, cigarettes, plastics and cosmetics, and precious stones and metals;
- Restriction on the sale, transportation or export of goods used in the aviation industry;
- Coal export ban, including coking coal;
- Export ban on certain electronic components.
💶 This package introduces new EU import bans worth €7 billion.
In addition, the EU imposes sanctions against individuals and legal entities involved in referendums in the DPR, LPR, Kherson and Zaporozhye regions.
As well as:
- Prohibition for EU citizens to hold any management positions in state-owned companies of the Russian Federation and government bodies;
- The ban on the provision of services for opening wallets, accounts and storing cryptocurrency to residents of the Russian Federation in the EU;
- The ban on the provision of architectural and engineering services, as well as consulting services in the IT and legal spheres.